Yes, the cryptocurrency market is facing a great decline in its valuation and other aspects. However, the cryptocurrency industry has also become a very exciting place at the moment.
Therefore, crypto users and investors must not lose sight of it under any circumstances. The crypto market may be facing a downtime at present but it is getting filled with a lot of potentials.
The last month has proven to be quite interesting and exciting when it comes to cryptocurrencies. Therefore, it is important to what is happening in the cryptocurrency industry.
Several cryptocurrencies and protocols earned quite the attention in December. However, Cardano has earned a lot of attention in recent months.
Let us have a look at this protocol to see what it has done to earn it a spot in today’s crypto headlines.
Cardano (ADA) is hit among the Sharks
Overall, Cardano did not perform well throughout 2022 but things turned quite interesting for the asset in the past couple of months.
Many had thought that the asset had lost its steam and it was not going to make a comeback any time soon. Surprisingly, the situation changed for Cardano as the year 2022 came to an end.
The interest level of the sharks kept rising in favor of Cardano and it became one of the most active cryptos in November and December.
As November began, the Cardano wallets which already had large amounts of ADA started to accumulate even more tokens. They started to accumulate the tokens on a very large scale.
The on-chain firm revealed that the particular (shark) wallets were busy accumulating ADA that was worth tens of millions of dollars.
The report shows as November began, the total ADA tokens the shark wallets held were 10.5% of the overall supply of ADA tokens.
However, in a matter of six weeks, the total dominance of these wallets has increased by 1.1%. As of now, these wallets are responsible for holding 11.60% of the total ADA supply.
The data shows that these wallets alone were responsible for spending a total of $83 million for purchasing ADA. The amount these wallets spent ended up helping them bring in 330 million ADA tokens.
Impact on ADA
According to the analyst speculations, the accumulation activity of the sharks is going to work in favor of the asset. The impact of the accumulation by the sharks may not be felt in the short term.
However, its impact is going to be tremendous in the long term. The investors have to remain patient and not lose their confidence.
The analysts are hopeful that the price of Cardano will start rising in the year 2023 and it may remain in the bullish territory for a long time.
This is going to be a huge opportunity for the bulls and the sharks to generate strong gains from their contribution to the cause.
The Reverse Trend has Ended
For a long time, the price of Cardano had been moving in a negative direction. The downtrend was not leaving the asset no matter what the bulls attempted.
However, the contribution from the sharks has finally managed to stop the downward movement. It was considered quite unusual that the price of the asset continued dipping despite the bullish intervention.
A look at the past 30-day performance of ADA shows that the asset has recorded an 18% dip. At the time of writing, the value of ADA is revolving around $0.26.
If it weren’t for the strong contribution of the sharks, the value of the asset would have plunged tremendously.
In the year 2023, it is expected that the value of the dollar may dip. This would allow cryptocurrencies to surge in the upcoming days.
Cardano is expected to be among the cryptocurrencies that may earn strong rallies in the upcoming days.